策略周专题（2025年6月第3期）：港股流动性折价收敛能否延续？

Group 1 - The A-share market experienced a pullback this week, influenced by a decline in risk appetite, with the Shanghai Composite Index down by 0.1% and the CSI 500 down by 1.8% [1][12] - The banking, communication, and electronics sectors performed relatively well, with gains of 2.6%, 1.6%, and 1.0% respectively, while the beauty care, textile and apparel, and pharmaceutical sectors saw significant declines of 5.9%, 5.1%, and 4.4% [1][12][16] Group 2 - The Hong Kong stock market has shown strong performance this year, with an overall increase of 17.3% as of June 20, ranking it among the top global markets [2][19] - The AH share premium index has significantly declined from a high of 145 at the beginning of the year to around 128, representing a decrease of 10.7% [2][24] - The decline in the Hong Kong Interbank Offered Rate (HIBOR) has led to a significant reduction in financing costs for the Hong Kong stock market, with the 1-month HIBOR dropping to approximately 0.53% [2][27] Group 3 - Southbound capital remains a significant portion of the Hong Kong market, with net inflows reaching 697.6 billion HKD as of June 20, 2025, and trading volume consistently maintaining a high proportion [3][36] - The market is expected to maintain a consolidation state, with three main investment themes to focus on: domestic consumption, domestic substitution, and sectors that are currently underweighted by funds [4][55][57] - The domestic consumption theme is expected to receive policy support, while the domestic substitution theme may present investment opportunities, albeit with challenges [4][56]